Despite the brake, anxious investors have put on price activity in the past week, the Ethereum (ETH) price is poised to rise over the weekend.
Although trading volume has increased over the last week, and thus should have resulted in more consistent fluctuations, price responsiveness has been affected by geopolitical news, earnings, and stock market whipsaws.
All of those headline risks are starting to dissipate into the weekend, culminating in a likely price leap higher as bulls gain control and ramp price up to $3,500 by Sunday using the flatlining Relative Strength Index (RSI).
The price of Ethereum has had a grueling week for investors and traders, with large swings in response to earnings, geopolitical events, and investors turning from risk-on to risk-off like a light switch.
But with volatility comes opportunity, and as all of these events wind down towards the weekend, bulls will have the playground to themselves and can drive the price up to $3,500 if they pick the right entry levels. Expect the RSI to rise over 50 again, with lots of room before trading into overbought territory.
ETH Bulls On the Verge Destroy Bears!
The price of Ethereum must first overcome $3,018.55, which is the confluence of the 55-day Simple Moving Average (SMA) and a prior key level. If bulls can get through there, the next target is $3,163.35, which should not be too difficult to reach, but is a good place to settle and look for support before swinging up 10% and hitting the 200-day SMA around $3,500. The bulls may see ETH’s price open up in another game on Monday as a result of this two-tier rise.
The most significant risk for bulls is that they will fail at the first barrier, which is currently $3,018.55. Investors will be reassessing the situation over the weekend, and bears may be anticipating the bulls’ attempt and using it as an entry point for a short position, pushing price movement lower if investors flee to safer havens on Monday. Expect a retracement of the ETH price below $2,800, to $2,695.79, where double support awaits the fall.